Italian food giant Ferrero SpA has held talks with the government of Azerbaijan, which may lead to the company’s support of the hazelnut cultivation in the country.
The issue was mulled by Azerbaijani Minister of Agriculture Heydar Asadov and Ferrero officials.
Azerbaijan is attempting to increase hazelnut production through a package of incentives that include state grants and preferential loans to hazelnut producers and the distribution of hazelnut seeds to farmers free of charge.
Ferrero has a dedicated subsidiary focusing on the cultivation of hazelnuts. It comprises agri-focused units across six countries and eight plants across three, including Turkey. Ferrero already owns the world’s largest hazelnut producer, Turkey’s Oltan Group.
Turkey is by far the world’s largest producer of hazelnuts with a market share of around 75%. Azerbaijan has a market share of only around 4%, but has ambitions to grow.
Ferrero SpA was founded in 1946. The company is a major user of hazelnuts in its products, such as Ferrero Rocher, Nutella and Kinder Bueno. (Trend/Business World Magazine)
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